WANG Yong;YAO Yao;

• 1:Institute of New Structural Economics
• 2:Peking University

Abstract：

This study employs a macroeconomic perspective integrated with the analytical framework of New Structural Economics to systematically deconstruct the dynamic evolution of China's industrial chain structure during the state-owned enterprise(SOE) reform process. The research reveals that the vertical structure characterized by “upstream SOE dominance and downstream private-owned enterprise(POE) competition” is an inevitable outcome resulting from the four-dimensional synergy of factor endowment evolution, national strategic iteration, external environmental constraints, and institutional transformation. As reforms deepen, the phased dominance of these four variables continuously reshapes the vertical structural morphology: during the capital-scarce initial industrialization phase, administrative division of labor resolves factor contradictions; under the wave of globalization, downstream export expansion enhances upstream SOEs' viability; during the financial crisis period, countercyclical interventions buffer systemic risks yet expose structural contradictions, forcing supply-side reforms; under technological blockade pressure, factor endowment transitions toward technology intensity, driving industrial chain restructuring. Throughout this process, the mission and functions of SOEs progressively undergo qualitative transformations: from scale expansion to value creation, from passive regulatory objects to policy implementation agents, and from industrial catch-up to innovation leadership. Future efforts must further deepen SOE reforms, focus on strategic core industries, and refine SOE-POE collaboration mechanisms to continuously enhance SOEs' viability and industrial chain resilience, ensuring national economic security while achieving high-quality development.

Key Words： state-owned enterprise reform;industrial chain structure evolution;vertical structure;new structural economics

Abstract:

Keywords:

Foundation: 教育部哲学社会科学研究重大专项项目“规模优势与大国经济发展研究”(23JZD017)、教育部哲学社会科学研究重大课题攻关项目“战略性新兴产业融合集群发展研究”(23JZD011);; 国家社科基金重点项目“新形势下我国制造业转型升级路径与对策研究”(20AJL017)的资助

Authors: WANG Yong;YAO Yao;

References：

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